It could be a great time to refinance. Why not add solar with a cash-out?
Today’s markets are seeing some volatility, without a doubt. Many people with substantial stock portfolios are looking for ways to shelter themselves from this kind of risk moving forward. Because rates have fallen significantly, many are also finding it a great time to refinance their home’s mortgage. This can be a smart move for those in the right situation, and can open up yet another avenue for secure investment: solar energy.
Solar is a very secure investment because of how it makes its returns: by offsetting how much electricity the utilities can charge you for using. According to the U.S. Energy Information Administration, residential electricity rates have risen an average of 4% per year since 2005. That’s almost twice the rate of inflation! Even without accounting for inflation, long-term costs associated with utility purchasing far exceed that of solar.
Still, solar takes money to install, a one-time fixed cost that is mostly commensuratewith the amount of your electric usage. So by wrapping it into a refinance that might happen anyway, you can join the movement with no money down, save on closing fees, lock in a very low interest rate, and depending on the loan term, even have your “extra” payment portion for solar completely paid for by the utility savings that happen instantly! Win-win? Win-win.
Call your lender today and ask about refinance options to see if a cash-out strategy might work for you. And with changing prices, if you haven’t received a recent updated quote from Ecohouse, give us a call!